Having a business coach can be a great asset for any business owner. A coach can help their client develop leadership skills, create business strategies, and improve the way they think. It all depends on what the person hiring the coach wants from the relationship. The most important thing is that business coaching is about growth.
Coaches and mentors help improve your management and leadership skills, and as your company grows, your role will evolve towards an ever greater management capacity. Advisors will assist you in solving complex business problems and decisions, and lay the groundwork from the start to be able to deal with some of the big and inevitable management storms that lie ahead. In 2002, I was CEO of Nelson Books, one of the fourteen divisions of Thomas Nelson Publishers. In eighteen months, we went from 14th place to number one in terms of revenue growth and profit margin.
I was proud of myself and my team for the results we had achieved. However, statistics show that starting a business is not easy. According to the Small Business Administration, only half of all businesses survive five years or more. This means that you have a 96% chance of failing in the first ten years of starting a business.
Or to turn it around, you only have a 4% chance of surviving your first 10 years in business. In such difficult times from a financial point of view, you might think that hiring business coaching services has no place on your list of priorities. However, with a business coach, you'll get the structure and organization needed to run your business like a well-oiled machine. Their first role is to listen to the goals, dreams, and challenges of running the company, and to provide wisdom and advice that will shape both the individual business owner and the way they run the company.
Your co-workers, friends, or family members may have biased opinions, but if you hire a business consultant, they can offer you ideas that other people in your circle might not be able to offer. Especially in the early stages of a small business, the entire strategy and marketing effort falls on the business owner. Whether you're just starting out or if you want to expand your business, investing in a coach is one of the best decisions you can make. They will act as a sounding board and, when necessary, will place a mirror in front of you to highlight your professional and personal blind spots.
Coaches track goals by creating key performance metrics (KPIs) that make the process for achieving them very transparent. No matter where you are in your company, an expert coach will guide you on how to draw up the perfect business plan and help you implement and maintain the systems for success. A recent report by Keap and Emergent Research revealed that the vast majority (94%) of small business owners surveyed identify specific financial goals for their company, yet only 65% are confident that they will achieve them. However, they found that the Internet made it easier to find and test qualified coaches who would add value to their companies.
If it's not tied to the business owner's personal dreams, goals, and plans for himself, there's no compelling reason why achieving that business objective is critical. If you're reading this post, it's very likely that you haven't yet found a business coach or perhaps even a mentor (yes, there's a distinction between the two). A mentor is truly a must for any small business owner who wants to grow and run a successful business, especially since relationships with mentors cost no more than the time it takes to meet them. Whether you don't have time to develop a marketing plan or you're not sure how to come up with a valuable one, a business consultant will help you create a personalized marketing strategy that's easy to implement.
Whether it's evaluating your schedule, prioritizing your tasks or helping you manage your time more efficiently, your coach will work with you to ensure that you achieve more of your goals in business and in life. Hiring a business coach can be an invaluable asset for any small business owner who wants to grow their company. They can provide structure and organization needed to run your business like a well-oiled machine while also helping create personalized strategies tailored specifically for your needs. With their help, you can increase your chances of success in both business and life.
